Running a multi-currency business with its short term and long term investments involves management of multiple bank accounts at a number of international financial institutions. These are some of the challenges your organisation may be facing when weighing up your risks for the coming year. As international trade grows to scales unimaginable of 124 trillion USD business-to-business cross border transfers annually (McKinsey & Co., Global payments 2018) , and the supply chain becomes more effective, fast and affordable, it equally continues to be extremely imperative to bring cheaper and better quality products to customers faster. You require that your business financials be a step ahead of the game. Online currency conversions; better understanding of the true value of your portfolio; how much of the available funds are truly there to be used for purchasing inventory; in which bank account and currency are the funds available? Having immediate answers to these questions can allow you to focus on your business’ key goals whilst having the confidence when taking financial decisions.
Considering the cost of financing
All too often do we hear of businesses taking short term credit or loans from their banker at unnecessary rates, when in essence this was not their preferred option when funding materials required to manufacture their products. This action may impact cash flow and add risk to future revenues.
What if you could reduce the cost of financing and have a glimpse into funds available within the organization? Online, real-time tracking of available currencies, a clear presentation of the value of your entire portfolio, understanding the available opportunities when looking to move funds between your accounts easily and in an effective manner that supports your business needs. All these could save your business thousands of dollars annually if only the information was made available to you at the time of decision making.
Taking financial projection to the next level
Today’s financial management systems, such as Certomo, can not only assist you with automation of repetitive procedures and provide CFOs and treasurers greater visibility into cash and liquidity while gaining control of bank accounts, but also with maintaining compliance, managing banking and financial transactions as well as applying risk mitigation strategies, using AI and strict security protocols.
